Sales and pending contracts both up about 10%; Median sales prices unchanged, inventory growth slips for third straight month
Rockville, MD – (December 10, 2015) – The following analysis of the Baltimore Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of RealEstate Business Intelligence (RBI) and is based on November 2015 MRIS housing data.
The Baltimore Metro housing market showed strong increases in sales and pending contracts, with sales at the highest November level since 2009 and pending contracts at their best November level in over a decade. Median sales prices were unchanged from last year, with single-family detached and townhomes increasing and condos declining. Inventory growth has declined for the third consecutive month, although buoyed by the strong rise in new listings.
There were 2,373 closed sales in November, which is up 10.1% compared to last year, but down 20% from last month. New contracts increased 9.2% from the prior year to 2,997 but are down 16.6% compared to last month. With an overall median November sales price of $230,000, prices were unchanged from last year, but down $5,000 or 2.1% from last month. Compared to last year, the median sales price for single-family detached rose 2.7% to $298,900 and townhome prices rose 1.5% to $167,500, while condo prices declined 1.3% to $190,000. Month-over-month prices were down 0.3% for single-family detached, down 0.9% for townhomes and down 3.8% for condos. Total sold dollar volume across the Baltimore Metro region in November was slightly more than $642 million, up 10.8% from last year.
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